PennyMac Financial Services Inc. Announces Completion of $650 Million Senior Notes Offering with 6.750% Interest Rate, Plans for Debt Repayment and General Corporate Use
PennyMac Financial Services Inc. has announced the successful completion of its $650 million offering of 6.750% Senior Notes due 2034. The notes, exempt from the registration requirements of the Securities Act of 1933, were sold to qualified institutional buyers and non-U.S. persons. Proceeds from the offering will be utilized to repay borrowings under the company's secured MSR facilities, other secured debt, and for general corporate purposes. Interest on these notes will accrue at an annual rate of 6.750%, with payments made semi-annually starting February 15, 2026. PennyMac retains the option to redeem portions of the notes at specified premiums, particularly before August 15, 2028, using proceeds from certain equity offerings or after this date at predetermined prices. Additionally, a change of control triggering event allows holders to require the issuer to repurchase the notes at 101% of their principal value.
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